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Winter Tourists Head to Caribbean Causing Property Prices To Increase - 23 February 2010

With tourism on the rise, prices for property and homes in the Caribbean are sure to follow, say real estate analysts.

Popular vacation spots like Barbados have seen an influx of visitors this winter—even the high profile likes of Jude Law and Simon Cowell have been snapped strolling along Bajan beach resorts. With Brits making up 70 percent of Barbados’ annual tourist count, it’s no wonder UK holidaymakers are also thinking about making long-term investments in the region.

Over the last nine months, overseas property sales have risen steadily in the Caribbean, especially among wealthier buyers. Earlier last year, during the global economic slump, developers were offering discounts on properties with top-notch amenities like on-premise spas. Now, however, they’re scaling back on such luxuries when designing new projects, keeping price points attractive to first-time investors while the market continues to stabilize.

In fact, heightened interest in the Caribbean is expected to cause property prices to actually increase by 5 percent this year, real estate experts say. Developers will continue designing less extravagant properties, but in order to create a greater profit margin, the bargains will cease, driving prices up.

Real estate experts are also predicting that Jamaica will once again become a Caribbean investment favorite. The country recently made a $1.27 billion standby agreement with the International Monetary Fund to boost its economic stability and revive its tourism industry. Jamaica’s weakened infrastructure in recent years has caused investors to remain cautious with their money, but with the promise of better financial security, the country is likely to become a popular tourist destination in the year ahead.

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